International General Insurance (NASDAQ:IGIC) Reaches New 52-Week High – Time to Buy?

International General Insurance Holdings Ltd. (NASDAQ:IGIC) shares hit a new 52-week high during trading on Friday . The company traded as high as $28.90 and last traded at $28.8530, with a volume of 42761 shares traded. The stock had previously closed at $27.81.

Analyst Ratings Changes

IGIC has been the subject of several recent analyst reports. Weiss Ratings downgraded International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Zacks Research downgraded International General Insurance from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, Royal Bank Of Canada increased their price objective on shares of International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, International General Insurance has an average rating of “Hold” and a consensus price target of $30.00.

International General Insurance Stock Up 3.5%

The firm has a 50-day moving average of $26.12 and a two-hundred day moving average of $25.33. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 10.39 and a beta of 0.11.

International General Insurance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, May 28th. This is a positive change from International General Insurance’s previous quarterly dividend of $0.05. International General Insurance’s dividend payout ratio (DPR) is 10.83%.

Institutional Trading of International General Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Corsair Capital Management L.P. acquired a new position in International General Insurance in the 1st quarter valued at approximately $352,000. XTX Topco Ltd acquired a new position in shares of International General Insurance in the 4th quarter worth approximately $291,000. Millennium Management LLC lifted its position in International General Insurance by 138.7% during the 4th quarter. Millennium Management LLC now owns 21,938 shares of the company’s stock worth $550,000 after buying an additional 12,746 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of International General Insurance during the fourth quarter valued at approximately $810,000. Finally, Trexquant Investment LP raised its position in shares of International General Insurance by 25.0% during the fourth quarter. Trexquant Investment LP now owns 38,532 shares of the company’s stock worth $967,000 after acquiring an additional 7,713 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Company Profile

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.